New York City Department of Consumer Affairs
(DCA) Commissioner Gretchen Dykstra and New York State Superintendent
of Banks Diana L. Taylor, joined by dozens of banking representatives,
today launched BANK ON NEW YORK - a new campaign
to encourage New Yorkers to open basic bank accounts as
a means toward financial independence and stability. For
the month of January, more than 20 banks and credit unions
throughout the City will use targeted advertising and consumer
education in multiple languages to promote low or no-fee
bank accounts, and distribute information about the Earned
Income Tax Credit (EITC). Campaign advertisements will be
placed in banks and credit unions, on bus shelters and in
newspapers citywide in English, Spanish and Chinese.

BANK
ON NEW YORK aims to help the 800,000 New York City residents
who dont use banks to open bank accounts that have
minimal or no costs. This will allow them to use direct
deposit, to save money on daily transactions, and give them
the opportunity to use their tax refund to lay the groundwork
for long-term financial independence. A number of bank and
credit union representatives joined Commissioner Dykstra
and Superintendent Taylor for the announcement at the new
Amalgamated Bank branch in lower Manhattan.

Bank on New York is a tremendous
opportunity to reach hundreds of thousands of New Yorkers
who may not know that using a bank account is cheaper than
using instant tax loans or money orders, said DCA
Commissioner Gretchen Dykstra. Together, with the
Banking Department and the Citys banking community,
we also urge consumers, especially those filing for the
EITC, to steer clear of high-priced schemes such as refund
anticipation loans that most appeal to those relying on
getting tax refunds quickly.

New Yorkers who don't use banks or credit
unions are paying far too much to access and use their money,
said Superintendent of Banks Diana L. Taylor. The
Bank on New York campaign is designed to provide information
to all about banks and the services they offer and to provide
the impetus to unbanked New Yorkers to take the first steps
toward real financial independence. For those who are eligible,
the Earned Income Tax Credit refund can provide the perfect
seed money for opening a basic banking account; a starting
point for establishing good credit and saving toward a solid
financial future. I applaud our participating banks for
stepping forward to take part in this great new program.

New York State law requires all banks (including commercial
banks, savings banks and credit unions) to offer consumers
a low-fee bank account that meets specific basic criteria.
Banks are permitted to impose certain conditions on opening
and maintaining a basic - low-cost - banking account. No
matter what name the bank gives to the type of account,
anyone in New York State can have a basic banking account.

We're thrilled to host the kick-off of such an important
campaign, said Gabe Caprio, President & CEO of
the Amalgamated Bank. Founded by the Amalgamated Clothing
Workers of America and now owned by UNITE HERE, Amalgamated
Bank has been serving working people in New York for over
80 years. We are particularly proud to be part of this extraordinary
effort to reach unbanked New Yorkers and are committed to
continued participation in Bank On New York.

The Bank On New York Program is the
perfect match of a public initiative and private sector
product. This collaborative effort will help to broaden
the reach of banking services throughout many communities,
said Michael P. Smith, President of The New York Bankers
Association, which represents 26 banks in New York City
and more than 100 banks statewide. The New York Bankers
Association, on behalf of its members, is pleased to support
this worthwhile program.

As a leading credit union serving thousands of low-to-moderate
income New Yorkers, we recognize the importance of affordable
banking services and are pleased to be a partner in the
Bank On New York campaign, said Meagan van Harte,
Director of Development Services for the Lower East Side
Peoples Federal Credit Union. The money saved by opening
basic bank accounts and avoiding more expensive options,
will help New Yorkers expand their financial opportunities.

DCA licenses more than 60,000 businesses in
55 different categories and enforces the Consumer Protection
Law and other related laws at thousands of businesses throughout
New York City. In addition, the DCA spearheads the New York
City EITC Campaign with targeted and comprehensive effort
on behalf of the Citys private, non-profit, and government
sectors to increase the number of EITC-eligible New Yorkers
who file. To file a complaint or for copies of the Taxpayer
Bill of Rights and DCAs Tax Preparation Services consumer
guide, go online to the DCA website at www.nyc.gov/consumers
or call 311.

The New York State Banking Department is the
regulator for all state-chartered banking institutions,
virtually all of the United States offices of international
banking institutions, all of the States mortgage brokers,
mortgage bankers, check cashers and budget planners. The
aggregate assets of the companies and institutions supervised
by the Banking Department are over $1.3 trillion. In addition
to regulating banking institutions, the Banking Department
is active in informing and educating all New Yorkers on
banking matters. To contact the Banking Department, please
call 1-877-BANK-NYS or visit our website at www.banking.state.ny.us.